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Gilbert + Tobin (G+T) has advised Tilt Renewables Limited (Tilt Renewables) on the financing of the Dundonnell Wind Farm in Victoria, a project worth A$560 million. This is the first project to reach financial close under a Victorian Renewable Energy Auction Scheme ﴾VRET﴿ Support Agreement.

G+T’s Banking + Infrastructure team assisted on the complex structuring arrangements which allow the Dundonnell Wind Farm facility agreement to sit alongside Tilt Renewables' existing corporate financing for their portfolio of wind farms. The deal has been a game changer for Tilt Renewables, significantly increasing the size of the company's asset portfolio.

The A$300 million construction and A$100 million bank guarantee facilities are funded by a syndicate of commercial banks as well as the Danish export credit agency, EKF Danmarks Eksportkredit.

The transaction was tailored to fit within the terms of the VRET Support Agreement, the first of its kind in Victoria, as well as a further offtake arrangement from Snowy Hydro.

Closing the deal under the VERT Support Agreement involved complex negotiations with numerous stakeholders, including the State of Victoria, Snowy Hydro, the commercial banks and EKF Danmarks Eksportkredit, as well as Tilt Renewables' shareholders.

Commenting on the deal, Adela Smith said, “We are delighted to have assisted Tilt Renewables on the financing of this ground‐breaking transaction, which is significant for the company and which is also the first project to reach financial close under a VRET Support Agreement.”

Gilbert + Tobin’s Banking + Infrastructure team is recognised in the leading legal directories, including most recently being ranked at Band 1 for Banking and Finance – Acquisition Finance by Chambers Asia-Pacific 2018. Adela Smith is recognised in the Legal 500 Asia Pacific 2018 for Banking and Finance.